Idled biodiesel plant in Australia to receive technology boost

Lignol Energy (LE), a technology company which works in advanced biofuels sectors, has revealed that the convertible notes it held, issued by Territory Biofuels (TB), have been converted into a 40% fully diluted equity stake in TB.

This makes LE the largest stakeholder in TB, which owns a 150 million litre per year biodiesel plant and glycerine refinery located in Darwin, Australia.

It was announced in March that LE had subscribed for convertible notes with a principal value of AU$1.18 million (€934,262) issued by TBF, and signed a Technology Collaboration Agreement that included a package of technical and further assistance to aid in the restart of TBF’s plant.

‘We plan to work with TB to finance the restart of this facility to capitalize on current global trends that appear to indicate increasing demand and profit margins for biodiesel,’ says Ross MacLachlan, CEO of LEC.

Two LEC executive officers and directors, MacLachlan and Stephen Morris, have also been appointed directors of TB.